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Christopher Lewis
EUR/USD

The Euro initially fell during the trading session on Friday but did give back some of the gains after the Non-Farm Payroll number came out at a -145,000 for the month of December. That being said, the market is still struggling to figure itself out as we have seen a lot of questions when it comes to stimulus coming out the United States. That being said, it does seem to be relatively obvious that it is coming, but the question now is whether or not we are going to get enough to truly damage the greenback.

EUR/USD Video 11.01.2021

At this point, the US dollar is oversold, but I think at this point in time it makes quite a bit of sense that we may have to pull back in order to find an of value to get involved. The 1.20 level underneath is going to be supported, right around the 50 day EMA. The 1.19 level of course is going to be the bottom of that range, so if we break down below there then things could change for a bunch bigger move.

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All things been equal though, I think that pullbacks will continue to be looked at as attracted by bullish traders, and therefore I think that the more patient traders out there will simply be waiting for an opportunity to pick up “cheap euros”, and of course the recent trend has been for a lower US dollar thereby starting at bit of a “feedback loop.” You should also pay attention to the US Dollar Index, because if it breaks down below the 88 handle, that will send the Euro skyrocketing.

For a look at all of today’s economic events, check out our economic calendar.

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